Contemporary architecture refers to the current style of the building. In the field of architecture, contemporary and modern do not have the same meaning. Modern refers to a modernist architecture that existed in the early to mid 20th century. Contemporary is basically a design style that is current or being produced.
Contemporary is dynamic and not bound by an era. On the contrary, modern-day basically signifies an era after traditional or pre-industrial eras. Contemporary design showcases a newer style.